行 业 研 究 医药 2024 年 04 月 24 日 行业周报 看好/维持 医药 FDA 批准 Anktiva 与卡介苗联用治疗 NMIBC | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------- ...

2024 年 04 月 20 日 公司点评 买入/维持 亚辉龙(688575) 昨收盘:21.01 亚辉龙点评报告：自产发光业务靓丽，高端机型占比提升 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 23/4/1923/7/123/9/12 23/11/2424/2/524/4/18 亚辉龙 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.68/5.68 总市值/流通(亿元) 119.4/119.4 12 个月内最高/最低价 (元) 26.6/15.31 相关研究报告 <<亚辉龙点评报告：自产发光业务收 入超预期快速增长，推出股票激励挑 战更高目标>>--2023-11-05 <<亚辉龙深度报告：另辟蹊径专注自 免领域，异军突起化身发光新锐>>-- 2021-06-20 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 事件：4 月 20 日，公司发布 2023 年年度报告: 全年实现营业收 入 20.53 亿元，同比下降 48.42%，主要为新冠业务营业收入较去年同 期下降 87.46%所 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [2][14]. Core Insights - The company's revenue for 2023 reached 1.552 billion yuan, representing a year-on-year growth of 17.06%. The net profit attributable to shareholders was 256 million yuan, with a growth of 1.01% year-on-year. In Q4 alone, revenue was 898 million yuan, up 17.84%, and net profit was 160 million yuan, up 13.85% [1]. - The corn seed business generated 1.353 billion yuan in revenue, accounting for 87.23% of total revenue, with a growth of 15.25% year-on-year. The significant growth was attributed to increased downstream demand and competitive product strength [1]. - The company has a strong product matrix with multiple new corn varieties approved in 2023, enhancing its competitive advantage in the seed industry [1]. Financial Summary - For 2023, the company reported a gross margin of 29.39%, a decrease of 2.5 percentage points from the previous year, primarily due to rising seed production costs driven by higher corn prices [1]. - The projected net profits for 2024, 2025, and 2026 are 278 million yuan, 395 million yuan, and 492 million yuan, respectively, with corresponding growth rates of -3.90%, 42.74%, and 24.79% [4]. - The estimated price-to-earnings (PE) ratios for the next three years are 29.96, 21.03, and 16.90, indicating a decreasing trend [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][6] Core Insights - The company achieved significant profit growth, with total revenue reaching 12.762 billion yuan, a year-on-year increase of 36.86%. The total profit amounted to 2.557 billion yuan, reflecting a remarkable growth of 226.99%. The net profit attributable to shareholders was 1.8 billion yuan, up by 204.94% [3][4] - The investment banking business saw record revenue of 1.255 billion yuan, a year-on-year increase of 33.99%. The company completed 29 equity underwriting projects with a total underwriting scale of 19.215 billion yuan, including 11 IPOs and 14 private placements. Additionally, 204 bond underwriting projects were completed, totaling 129.53 billion yuan [3][4] - The wealth management business expanded significantly, serving over 8.5 million clients with total managed assets exceeding 1.2 trillion yuan. The company aims to create a high-end service system to meet diverse client needs [3][4] - The asset management business experienced a decline in total scale from 218.786 billion yuan in 2022 to 122.071 billion yuan, but the company is optimizing its product and service structure [3][4] - The report forecasts revenue growth of 11.82%, 9.00%, and 6.09% for 2024, 2025, and 2026, respectively, with net profit projections of 2.321 billion yuan, 2.604 billion yuan, and 2.776 billion yuan, indicating growth rates of 28.99%, 12.17%, and 6.60% [4]

2024年04月22日 公 司点评 公 买入 / 上调 司 兆易创新(603986) 研 究 目标价: 昨收盘:74.09 24Q1 业绩显著回暖，股权激励彰显增长信心 事件：公司发布23年年报：营业总收入57.61亿元，同比下降29.14%，  走势比较 归母净利润1.61 亿元，同比下降92.15%；扣非归母净利润0.27 亿元， 同比下降98.57%。公司发布24年一季报：营业收入16.27亿元，同比增 10% 长 21.32%；归母净利润 2.05 亿元，同比增长 36.45%；扣非归母净利润 太 (4%) 1.84亿元，同比增长41.26%。 平 (18%) 24Q1显著回暖，存储产品线持续扩份额。分品类来看，公司存储/MCU/ 传感器 23 年收入分别为 40.77/13.17/3.52 亿元，同比变化-15.51%/- 洋 (32%) 53.46%/-18.97%，全年主要受行业整体需求疲软影响，于Q4基本接近周 证 (46%) 期底部。存储产品线进展亮眼，NOR Flash产品销量逆势增长，全年出货 券 (60%) 量创新高，达到 25.33 亿颗，实现 16.15%增长；DRAM 产品量产 ...

百诚医药(301096) 目标价: 92.00 昨收盘:75.41 业绩维持高速增长，自研转化成果不断展现 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 23/4/2423/7/523/9/15 23/11/2624/2/624/4/18 百诚医药 沪深300 ◼ 股票数据 总股本/流通(亿股) 1.09/1.09 总市值/流通(亿元) 82.14/82.14 12 个月内最高/最低价 (元) 77.78/51.01 相关研究报告 <<业务多点开花，CRO 新星高成长>>- -2023-11-09 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 | --- | --- | --- | |-----------|-----------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 年 | 23 日 | | | | | | | | 公司点评 | | | | | | | | 买入/维持 | | 电话： | --- | --- | --- | --- ...

2024年04月23日 公 司点评 公 增持 / 维持 司 湘财股份(600095) 研 究 目标价: 昨收盘:6.61 非银金融 证券 湘财股份 2023 年年报点评：业绩大幅转正，自营同比高增 事件：公司发布 2023 年年报。报告期内，公司实现营业收入 23.21 ◼ 走势比较 亿元，同比-33.98%。实现归母净利润1.19亿元，同比+136.60%。 截至报告期末，公司总资产330.41亿元，同比-5.02%，归属于上市公司 30% 股东的净资产118.76亿元，同比+0.17%。其中子公司湘财证券实现营业 太 18% 总收入14.85亿元，同比+37.98%；实现归属于母公司净利润2.44亿元， 平 同比+523.44%。 6% 自营业务同比高增。报告期内，公司自营业务实现营收3.66亿元， 洋 证 (1( 86 %% ))42/4/32 5/7/32 51/9/32 62/11/32 6/2/42 81/4/42 同 情比 况+ 下1 ，55 努2. 力25 增%。 加公 低司 风持 险续 的保 交持 易稳 性健 收投 入资 规风 模格 ，， 持在 续保 完持 善低 投杠 研杆 体、 系短 。久 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected 2024 PE of 16x based on the closing price on April 19, 2024 [15] Core Views - The company's conventional infectious disease testing business has shown significant recovery and growth, laying a solid foundation for long-term sustainable growth [1] - The company's chronic disease management testing business achieved revenue of RMB 1.119 billion in 2023, a year-on-year increase of 19.11%, driven by the recovery of the domestic hospital market [2] - The company's drug abuse testing business achieved revenue of RMB 331 million in 2023, a year-on-year increase of 12.68%, with stable core customer groups and rapid growth in North America [3] - The company's prenatal and postnatal testing business achieved revenue of RMB 267 million in 2023, a year-on-year increase of 10.08%, with breakthroughs in key product categories [4] Financial Performance - The company's 2023 revenue was RMB 2.765 billion, a year-on-year decrease of 51.33%, with a net profit attributable to the parent company of RMB 488 million, a year-on-year decrease of 59.26% [25] - In Q1 2024, the company achieved revenue of RMB 861 million, a year-on-year increase of 3.54%, with a net profit attributable to the parent company of RMB 218 million, a year-on-year increase of 7.20% [25] - The company's gross profit margin in 2023 increased by 10.79 percentage points year-on-year to 62.61%, with significant improvements in various business segments [29] - The company's net profit margin in Q1 2024 increased by 1.29 percentage points year-on-year to 25.60% [29] R&D and Innovation - The company invested RMB 422 million in R&D in 2023, accounting for 15.26% of revenue, with breakthroughs in strategic areas such as chemiluminescence, molecular diagnostics, and pathology [13][14] - The company launched new high-speed chemiluminescence immunoassay analyzers and molecular POCT products, which have been widely recognized by top-tier hospitals [13][14] Future Projections - The company's revenue is expected to grow to RMB 3.373 billion, RMB 4.142 billion, and RMB 5.033 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22%, 21%, and 22% [15] - Net profit attributable to the parent company is expected to grow to RMB 652 million, RMB 881 million, and RMB 1.061 billion in 2024, 2025, and 2026, respectively, with year-on-year growth rates of 34%, 35%, and 21% [15] - The company's EPS is expected to be RMB 1.38, RMB 1.87, and RMB 2.25 in 2024, 2025, and 2026, respectively [15]

2024 年 03 月 22 日 公司点评 买入/维持 ◼ 走势比较 总股本/流通(亿股) 4/4 总市值/流通(亿元) 70/70 12 个月内最高/最低价 (元) 21/12 证券分析师：刘洁冰 电话：19521279561 E-MAIL：liujb@tpyzq.com 分析师登记编号：S1190523090001 高营销投入在电商和外围持续兑现：收入端，公司在深耕优势核心五省的 基础上，借助线上势能外溢和线下渠道拓张，持续稳步推进全国化，24Q1 线下线上分别实现营业收入 4.36 亿元、2.96 亿元，同比增长 16.7%和 150.5%，线上渠道是增长的主要驱动，其中外围线下收入同比增长 52%成 为线下增长的主驱力。费用端，公司持续投入营销以协同全国化的脚步， 24Q1 销售费用 2.63 亿元/+120.7%，销售/管理/研发/财务费率分别为 34.42%/2.72%/1.99%/-0.14% ，同比 +11.59pct/-1.18pct/-0.50pct/- 0.80pct；一方面，在线下我们估计目前公司在川渝地区市占超过 30%， 云贵陕市占约 20%，网点数接近全国性头部品牌的水平，但在外 ...

卡莱特(301391) 目标价: 昨收盘:84.30 | --- | --- | --- | --- | |-------------|--------------------------------------------------------|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | 事件：公司发布 2 ...